Global space robotics market is estimated to be $2.88 billion in 2018
The space robotics market is estimated to be $2.88 billion in 2018 and is projected to reach $4.36 billion by 2023, at a CAGR of 8.64%.
The “Space Robotics Market by Solution, Services (Satellite Servicing, On-orbit Assembly & Manufacturing, De-orbiting Services, Re-supply, Surface Mobility, & Launch Support), Application, End-User, and region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com's offering.
The growth of the space robotics market is driven by several factors, including the growing demand for servicing existing geostationary satellites, debris removal, and technological advancements in autonomous systems, and the increasing demand for on-orbit manufacturing and assembly in the International Space Station (ISS) from government agencies and commercial entities.
Based on solutions, the satellite servicing segment is estimated to lead the space robotics market in 2018. The growth of the satellite servicing segment can be attributed to the increasing demand and requirement for space-based services, such as satellite servicing, de-orbiting services, surface mobility, and resupply services.
Based on application, the near-space segment of the space robotics market is expected to grow at the highest CAGR during the forecast period. Growth of the near space segment can be attributed to the demand for resupply missions for the International Space Station (ISS), on-orbit satellite manufacturing, and the increasing need to service the existing geosynchronous satellites.
Based on end user, the commercial segment of the space robotics market is projected to grow at a higher CAGR, as compared to the government segment, during the forecast period due to the growing demand for satellite servicing, refueling and mission extension services which offer opportunities for satellite operators/owners by extending the life of satellites and thus generate revenue from existing satellite fleets and provide greater flexibility in managing in-orbit satellite fleets.
North America is estimated to account for the largest share of the space robotics market in 2018. This can be attributed to the high demand for space robotics activities from prominent organisations, such as NASA and the Department of Defense due to the increasing reliance on space assets and for enabling safety in space operations.
Regulatory implementations by various space regulatory authorities are the major factor expected to restrain the growth of the space robotics market.
Some of the major players operating in the space robotics market include Maxar Technologies (US), Motiv Space Systems (US), Altius Space Machines (US), Northrop Grumman (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), and Effective Space Solutions Limited (Israel).
These key players offer various space robotics products and services. New product developments, partnerships, and contracts are the major growth strategies adopted by these players to strengthen their positions in the space robotics market.